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BofA's Long, Winding Mortgage Road

By

David Reilly

Updated Jan. 7, 2013 3:41 p.m. ET

For Brian Moynihan, the journey through Bank of America's mortgage morass has been a slow walk in a cold rain.

On Monday, BofA kicked off the New Year with an $11.6 billion settlement with Fannie Mae largely related to mortgages sold by Countrywide Financial, which it acquired in 2008. It is the latest deal regarding mortgages struck by chief executive Mr. Moynihan in the past few years.